Posts Tagged ‘home business tax deductions 2009’
Home Business Tax Deductions
April 29th, 2010
Question: Home office tax deduction - I entered all the info in turbotax, but it doesn't show up.?
We have a Home Business - event videography. All my other expenses show up, but there is nothing under "Home Office" on the summary page of my business expenses.
Answer: Usually they will ask you a serious of questions such as: did you use this home office exclusively and regularly as your place of business. you must say yes. Also, keep in mind that if you are depreciating this home office, when you sell your home you will have to recapture the depreciation.
Home Based Business Tax Breaks for 2009, 2010.mov
Home Business Tax Deductions 2009
January 2nd, 2009
Question: Network Marketing and Deductions?
Hi,
Long story, but my wife agreed to sign up her brother in a Network Marketing company under her name. He earned approximately $30K for the year. The problem is that my wife and I file our taxes jointly, and I do not want his income to minimize our earnings for 2009. I understand that we can claim our phone bill, auto, home, etc. to the business, but wouldn’t that still negatively impact our returns? Please let me know what we can do if that is the case.
Answer: Well, only what your wife earns on her brothers income would affect your taxes. Your wife would fill out a seperate form for her business and the income would be reported on that form.
In deducting your home office expenses, you need to consider that this would effect the value of your house by depreciating it. If you rent, go ahead and deduct. If you own, get the advise of a tax consultant.
First Time Home Buyers - Buy with FHA and use a Mortgage Expert - RealEstateMarketingThisWeek.com
Posted in Home Business Taxes | 
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